BURSAR S DIVISION STUDENT ACCOUNTS DEPARTMENT The Student Accounts Department disburses loans, grants and scholarship payments to students and accounts for related balances and expenses. The department also collects promissory note payments from students, provides entrance and exit counseling to borrowers, administers and collects student emergency loan funds, and authorizes deferments of student account charges. The department provides loan collection and servicing on federal Perkins Loans and University loan funds. Each year the department prepares and distributes 1098-E (Student Loan Interest) statements to borrowers. Summary of Major Accomplishments Direct Deposit of Financial Aid Funds During FY 2005 staff members from the Student Accounts Department investigated the feasibility of contracting with an outside firm to assist the University in converting student financial services to an electronic environment. Departmental analysis led to the selection of TouchNet Information Systems, Incorporated to provide a solution that would meet the University s needs. Implementation of the new system began prior to the end of the fiscal year. The new system will facilitate Web-based financial transactions and will significantly improve the financial services provided to students. Student Loan Collection In FY 2005 the department contracted with three new collection agencies to assist in the collection of overdue student loan payments. These agencies provide online services which assist the department in gathering information and administrating delinquent accounts. Collection rates have improved with the addition of these agencies. Implementation of Perkins Master Promissory Note The department implemented the Federal Perkins Loan Master Promissory Note program during FY 2005. The new program allows a master loan agreement to be in effect for the entire period of the loan instead of requiring new agreements for each year. The new program should save a significant amount of processing time by eliminating subsequent loan year processing. Such processing includes efforts necessary to produce loan forms, mail the forms to students, retrieve the completed forms, input the data, and correct input errors. On-line Credit Bureau Disputes (E-OSCAR) In FY 2005, the Department began processing credit disputes through a vendor provided Web-based product known as Online Solutions for Complete and Accurate Reporting (E- OSCAR). Equifax, Experian, Innovis, and Trans Union jointly developed this product to provide an online, real-time solution for processing credit dispute verifications (ACDV s) and automated universal data forms (AUD s). The new system increased the efficiency and timeliness of processing ACDV s and AUD s and decreased the volume of calls from borrowers since the staff now handles disputes more quickly. F-22
Upgraded software for Loan Collections Loan servicing staff implemented SCT Campus Loan Manager in FY 2004 and an upgrade to this program in FY 2005. The conversion to the new system resulted in many issues and problems which the staff must work out with the software vendor. Once the staff resolves all of the implementation challenges, the new system should enhance the efficiency of the loan collection process. Accel Program The Georgia Student Finance Commission (GSFC) administers the Accel Program which allows Georgia high school juniors and seniors to obtain postsecondary credit at approved colleges and technical colleges while still in high school. Now students may complete an application online through the GSFC website and the student s school administrators can monitor their progress and adjust their records electronically. The GSFC now transmits funds electronically to the University based on the accepted Accel disbursements. This process results in a quicker turnaround time for the University to receive the funds. Electronic Signature for Federal Direct Loan Promissory Notes The Student Accounts Department encouraged students to complete their subsidized and unsubsidized loan promissory notes via the Internet during FY 2005. This promotion resulted in greater utilization of the online signup and increased the efficiency of the loan distribution process. HOPE Invoicing and Changes to HOPE Eligibility Effective FY 2005, the Student Accounts Department began transmitting an electronic invoice and file to the Georgia Student Finance Commission before the beginning of each term. GSFC processes the file and electronically transmits HOPE scholarship funds to the University. This new process required significant programming changes by Administrative Information Systems (AIS) staff in order to meet the specifications required for invoicing. The HOPE disbursement regulations require the University to provide the details of the funds to be applied to fees, books and tuition charges. AIS also completed the changes necessary to reflect the maximum dollar amount that a student may receive in HOPE scholarship funds for fees charged by the University. The State implemented this cap on fee reimbursements based on the amount charged by the University during the 2003-2004 academic year. Summary of FY 2005-06 Goals HOPE Book Allowance Effective spring 2006, the Georgia Student Finance Commission will require the University to obtain each student s permission to apply the book allowance portion of HOPE scholarship funds to their outstanding student account balances, a change that will require a substantial programming effort during the coming year. The Student Accounts Department staff will work with the Office of Student Financial Aid to develop and implement a mechanism to collect and record each student s permission. The staff will then work with AIS to make changes to the current check writing program so that funds F-23
will be disbursed to students who do not give their permission for the student account credit. These changes must be implemented for fall semester 2006. Student Loan Collection The Student Account Department began evaluating loan assignment agencies to assist in the collection of past due loans. UGA has experienced extremely low cohort default rates in the past due to in-house collections and the utilization of leading student loan collection agencies. The department hopes to identify and contract with agencies that are able to provide excellent collection rates; that can advise management regarding current support systems provided by the Department of Education and Health & Human Services; that will advise borrowers of cancellations, postponements, and deferments; that are knowledgeable of different billing agencies; and that will provide current information about the loan programs administered by the federal government and educational support organizations. Imaging The Student Accounts Department should complete the electronic imaging of 3000+ loan collection files using the software product purchased in FY 2004. This process should greatly enhance the efficiency of document storage and retrieval. Annual FDL and Pell Changes Each year the Office of Federal Student Aid issues a new version of EdExpress, the software system that processes federal Pell Grant and William D. Ford Direct Loan records between the University System and the Department of Education Common Origination and Disbursement division. The Student Accounts staff must review the implementation guide that accompanies the software and determine the impact the new version will have on aid processing and whether or not programming changes will be necessary for successful implementation. The staff will communicate with AIS programmers to accomplish any needed changes. This process will begin in March 2006 and must be completed by May 2006 to accommodate the awarding of aid for the 2006-07 award year. Statistical Information Growth in Amount of Financial Aid Disbursements The Student Accounts Department disburses federal and state funded loans, grants and scholarships as well as University and privately funded scholarships and loans. During FY 2005, loans, grants and scholarships disbursed to student accounts and mailed as remainder checks to students were $65,530,743, presenting a 7.75% decrease over FY 2004. The following graph illustrates the growth in financial aid disbursement from 2001-2005. F-24
$180,000,000 Loans, Grants, Scholarships and Student Deposits Disbursed 2001-2005 2005 $160,000,000 2002 2003 2004 $140,000,000 2001 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 Fiscal Year The following three graphs illustrate activity on loan funds advanced and collected by the University for the period 2001-2005: Federal Perkins Loans, University Trust Funds, and Emergency Loan Funds Student Loan Advances 2001-2005 $4,000,000 2005 $3,500,000 $3,000,000 2004 $2,500,000 2001 $2,000,000 2002 $1,500,000 2003 $1,000,000 $500,000 $0 Fiscal Year F-25
Federal Perkins Loans, University Trust Funds, and Emergency Loan Funds Student Loan Collections (Principal & Interest) 2001-2005 $4,000,000 $3,500,000 2003 2004 $3,000,000 2002 2005 $2,500,000 2001 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 Fiscal Year Federal Perkins Loans, University Trust Funds, and Emergency Loan Funds Student Loans Outstanding 2001-2005 $14,000,000 $12,000,000 2001 2002 2005 $10,000,000 2004 2003 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 Fiscal Year F-26
BURSAR S DIVISION ORGANIZATION CHART Lisa McCleary Bursar Suzanne Brown Administrative Associate II Student Accounts Bursar s Office Accounts Receivable
BURSAR S OFFICE ORGANIZATION CHART Bursar Lisa McCleary Assistant Bursar Therese Hodges Administrative Assoc. II Suzanne Brown Sr. Financial Accountant Susan McCullough Systems Admin. Assoc. Tonya Terrell Assistant Manager Amy Harkins Sr. Financial Accountant Elizabeth Quillian Tonya Seay Accounts Receivable Department IT Professional Specialist Jennifer Lazo Sr. Operations Supervisor Becky Sanders Senior Accountant Kelly Jones Senior Accountant Johnsie Davis Karen Pitts Accountant Nicole Burkhalter Leah King Trisha Beasley Tiska Banks Erica Owensby
STUDENT ACCOUNTS ORGANIZATION CHART Manager Shannon Lay Assistant Manager Deidra Jones Loan Collection and Accounting Reception Accountant Kim Free Accountant Cheryl Summers Sr. Accountant Michele Sellers Loan Collection Officer II Mike Tiller Sr. Operations Manager Marcie Berrong Mary Burger Melanie Jones Ann Smith Jennifer Matthews Aimee Ginn Kristie Harwell Accounting Technician Angela Seals Loan Collection Officer I Gail Sloan Karen Kelley Sandy Stone Vacant